Financial Transactions Tax: The Way Ahead

19/03/2012, Copenhagen. Speaking to parliamentary representatives from all Member States in Copenhagen today, Commissioner Algirdas Šemeta said:

"Let me outline where I believe the proposal for the EU FTT to be now. We appear to be moving in the direction of political compromise in order to achieve consensus amongst all 27 Member States. This compromise should be founded upon the solid technical discussions on the Commission's proposal, which are already well underway.

Some are already asking whether we should look for alternative routes to agreement, by moving ahead at less than 27. I say that the time is not ripe for such a move: we must maintain the active engagement of all Member States that we have seen up to now.

I continue to believe that the FTT applied across the entire EU is the best way of meeting our objectives, ensuring that every EU citizen can benefit from the tax. 

One thing is absolutely clear: Member States must reach a decision on the FTT, and we must do so quickly. This is what citizens expect. It is what markets are looking for. And it is what many Member States have called for."

Speech available on SPEECH/12/196

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